Myers Industries Full-Year Report 2023
Myers Industries, Inc. S leading manufacturer of a wide range of polymer and metal products and distributor for the tire, wheel, and under-vehicle service industry, today announced results for the fourth quarter and full year ended December 31, 2023.
In reviewing the 2023 financial results, Myers Industries’ President and CEO Mike McGaugh commented, “Although our results were not what we originally planned to deliver in 2023, we remain encouraged by the resiliency of many of our business units despite continued cyclical headwinds in several of our key end markets. Demonstrating the strength of our diverse portfolio, 2023 marked a year of continued progress and still yielded one of the top years in the history of our company for adjusted earnings per share, adjusted EBITDA, and revenue. Further, year over year operating cash flow generation increased by $13.6 million and free cash flow generation increased by $15.0 million, as we continue to benefit from early implementation of the Myers Business System to help drive Operational Excellence.”
Highlights
- Net sales of $813.1 million compared to $899.5 million in the prior year period
- Gross margin of 31.9%, up 40 basis points versus the prior year period
- GAAP net income per diluted share of $1.32 compared to $1.64 in the prior year period
- Adjusted earnings per diluted share of $1.39 compared to $1.68 in the prior year period
- Cash flow provided by operations was $86.2 million and free cash flow was $63.3 million
- Subsequent to fiscal year end, closed on acquisition of Signature Systems, enhancing Myers’ long-term margin and EPS growth profiles